Shares in Italy’s Eni SpA fell on Friday after the company published its latest financial results.
ADVERTISEMENTEni said in a press release that its full-year profits for 2023 stood at €8.3 billion, down almost 40% from the previous year, when energy prices were at record levels.
Its adjusted operating profit (EBIT) for Q423 came in at €3.8 billion, which the company attributed to “steady” exploration and production results, a record-breaking GGP performance and a positive contribution from its Plenitude subsidiary.
Specifically, Eni said its GGP adjusted EBIT was €0.68 billion and was helped in part thanks to a favourable outcome in an arbitration procedure, which it didn’t expand upon.
Reports state that an arbitration court ordered German gas trader Uniper to pay €550 million to Eni over a liquefied natural gas contract that expired in 2022.
Eni CEO Claudio Descalzi said that 2023 had been a year of “excellent results” for the company in the face of uncertainties.
“We delivered strongly on both financial and operational targets and we continued to progress our strategy of generating value while decarbonizing and ensuring secure and affordable energy supplies to markets,” he said in the press release.
“Our results were underpinned by our distinctive satellite model that continues to prove to be an effective lever in accelerating growth and value creation,” he added.